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Demonetization - The biggest conspiracy since independence hatched by Modi : P C Chacko

Demonetization - The biggest conspiracy since independence hatched by Modi : P C Chacko

Mangalore Today News Network

Mangaluru, Dec 10, 2016: AICC General Secretary PC Chacko said that  Prime Minister Narendra Modi has hatched biggest ever conspiracy  since independence over demonetizing Rs 500 and 1000 currency notes.


Addressing media at Congress office on Saturday December 10, he said that prior to the announcement made by the Prime Minister , BJP had deposited crores of money which shows that there was clear-cut information to them about the demonetization of currencies. Chacko also demanded to set up Joint Parliamentary committee to look into the conspiracy.

PC Chacko in Mangaluru

PC Chacko in Mangaluru

On Prime Minister Narendra Modi has proclaiming three major objectives behind the demonetizing which was to stop terror funding, remove counterfeit currency and flush out black money, Chacko had this to say – "Terrorism in India is not home grown but cross border terrorism as this is sponsored by international funding and its source is outside India and the currency deployed is rather international currencies and not Indian rupees."

"Counterfeit currency was not such a big issue to necessitate such a drastic action. According to the study by Indian Statistical Institute in 2015 the value of counterfeit notes in circulation at any given point of time was approximately Rs 400 crores. It does not make sense to invest Rs 12,000 crores in printing new notes just to put of circulation counterfeit notes worth Rs 400 crores only. "

He also said that, according to some estimates, cash money consists of just 6% of unaccounted wealth. The rest is in other forms of investments like real estate, bullion, foreign currencies etc. "Modi’s three proclaimed objectives turned out to be complete blunder. Due to demonetizing country’s economic condition has been devastated as black money holders are relaxing and scam is seen with exchanging of notes," he added.

Earlier during his election campaign Modi who promised to credit 15 lakh each in every individual account has Modi utterly failed to do so. "In order to divert the minds of the people and hide the failures of the government Modi took up this decision to demonetize Rs 500 and 1000 currency notes," said Chacko.

This decision has affected poorest of poor and Modi  need to answer and  apologize  to the citizens of the country for his decisions, he concluded.

Chief Whip of Legislative Council Ivan D Souza, MLA JR Lobo, District Interim Congress President Ibrahim Kodijaal, AC Vinayraj, Mamatha Gatty and others were present.

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